Multi Currency Payments

Transcription

1 TransferMate International Payment Connector for Xero Setup Guide Multi Currency Payments The whole process will take you about 5 minutes in total Powered by TransferMate

2 Brief Introduction The following is a quick guide on how to setup your Multi Currency Payment Connector for Xero. The whole process should take you no longer than 5 minutes. Once setup on your computer you will be able to pay and post your multi-currency/international supplier bills/ invoices direct from Xero saving you an enormous amount of double entry work, hassle and saving you money on every payment. If you would like one of the team to set it up for you or guide you through simply connect with us by live help or Xero@transfermate.com. One of our team would be happy to assist you. Watch our setup videos You can also follow the 2 links below to follow the setup guide by video. Clients often find video easier to follow: Stage1. Register and setup online account with TransferMate 1. This stage will take 2 minutes. Essentially you need to let our system know who you are and who your suppliers are so that we can connect the add on to your Xero software. Click and register now. 2

3 2. Choose Corporate account account and complete the registration page below. Make sure to use a user name and password that you will remember. Clients tend to use their company name as a User name. 3. Once you have registered you will receive an with a link to authenticate your address (see below). Simply click the URL that appears in the and copy the code that appears below the URL into the website when it opens. 3

4 4. Click Account Logon and login As soon as you login you will see 2 steps: Step1: Complete identify form and fax/scan back to us Simply click the link, open the one page form, complete basic details, sign and either scan or take a photo with a camera phone and send back to funds@transfermate.com. This is a single A4 form that we must keep for our records. Once we have received this form we will activate your online account. Please note that you will be notified within 12 hours that your account is activated. 4

5 Step2: Ignore Step2. You do not need to enter your bank account details and suppliers details here. You can do that later when logged in through the Connect to Xero link on Stage 2. Setup Xero Add-on. Once you have sent your ID form and have been activated, simply login to com/xero, click the link on the toolbar once logged in that says Get Xero access code (see below). Here you will see a Service URL and Secret Word. Copy and paste both to an or word document as you will need both in the next step (see below). 5

6 a. Login to click the red button Connect with Xero and enter your user name and password. Once logged in b. Click Settings i). Domain and secret word Once you are in, enter the Service URL and Secret word in the first two fields you see. The URL should be copied and pasted into the field Domain and the secret word should be entered in the field Secret. 6

7 ii). Select Fees account Below User name and Password you should see a field Fees Account. Choose whichever expense account, from your Xero account, you wish bank fees to post to from the drop down. iii) Enter your suppliers Next, in the centre of the settings page enter all of your foreign currency suppliers and their bank account details. 7

8 iv) Enter Your Bank Account Details Below this, enter your bank account details. These bank accounts should be the bank accounts that you have recorded in Xero. v) Synch Bank Accounts At the bottom of the page you will see a copy of your bank accounts recorded in Xero on the left hand side. You may just have one or more bank accounts. On the right hand side choose that bank account in the drop down. These will be the list of bank accounts listed above. If at any stage you get a new bank account and no longer wish to use a bank account simply choose don t link this bank account and add a new bank account. Click Save 8

9 Booking Payments Make sure you are logged into your Xero account. Also make sure you are logged into Select Retrieve Invoices button. You will now need to select the bank account you wish to pay from. By choosing this bank account, once payments are booked they will be posted back to Xero as paid from this bank account. 9

10 You will now see a list of all of your unpaid foreign currency invoices. Simply select the invoices you wish to pay. Note that you can also alter the amount to pay and make a part payment if you wish. Once you have selected the bank account to pay from and the invoice(s) you wish to pay click Proceed to payment. You will now see live exchange rates and fees for that payment. These fees and exchange rates will normally be far more favourable than the bank offer saving your business money on every payment. Simply select the payment(s) you wish to make and press Confirm Payment. 10

11 You will now receive a confirmation that payment(s) have been booked and posted back to Xero. Now all that remains is to follow the instructions and transfer funds to our bank account quoting the reference number on the payment. Note you will also receive this instruction automatically by . Once funds are received, TransferMate will transfer funds to your suppliers immediately. You can also set an alert so that your client is alerted automatically every time a payment is booked and on the way. - Awaiting funds: Denotes you have booked a payment, we are awaiting funds. - Funds Received: Denotes we have received funds from you. - Paid: Denotes funds have been sent to your supplier(s). 11